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One of the City’s biggest investment banks is set to be fined more than $1
billion for rigging key interest rates.

UBS is expected to be fined and censured by regulators on both sides of the
Atlantic as part of wide-ranging inquiries into the manipulation of Libor,
the set of interest rates at the heart of the financial system.

At about £620 million, the fine would be more than twice as much as the £291
million of penalties levied on Barclays last summer for Libor-related
offences, which triggered a wave of public disgust and led to the departures
of the